Problem
1. ‘The introduction of micro technology will raise output and real wages.' ‘The introduction of micro technology will cause unemployment.' How does our analysis of the perfectly competitive market lead us to respond to these statements?
2. Under what conditions will the long-run supply curve of the perfectly competitive industry be upward sloping?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.